MILAN — Longchamp has secured the winning bid at an auction for a space located in Milan’s prestigious Galleria Vittorio Emanuele II shopping arcade.
The 1,023-square-foot space is currently occupied by Italian diffusion fashion label Stefanel.
The French brand will pay an annual rent of 760,000 euros for the venue, which features three windows on the arcade’s main arm leading to Piazza Duomo, the square home to the city’s historic cathedral.
According to a statement released by Milan’s municipality, eleven companies participated in the bidding process and Longhamp’s offer was actually not the highest.
“The winner presented a slightly lower offer compared to the runner-up, but Longhamp got a higher total score based on the quality of its commercial offering,” said Roberto Tasca, Milan’s alderman to state property. “I highlight this because not always the winner of our bids is the company with the biggest financial resources and this happens because the administration developed a peculiar bidding procedure finalized at guaranteeing the public interest.”
The opening of the Longchamp store, – the brand’s second unit in Milan following the flagship located on Via della Spiga, in the Golden Triangle luxury shopping area — will further enrich the high-end fashion offering of the Galleria Vittorio Emanuele. The arcade already contains boutiques